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When you file bankruptcy under Chapter 7, you can’t get rid of second mortgages, HELOCs (Home Equity Lines of Credit) or home equity loans. Nonetheless, due to few bankruptcy cases coming out of the Eleventh Circuit Court of Appeals, you might be able to eliminate these liens through Chapter 7. Repaying debts through court intervention is indeed a common way for homeowners to walk away from their secured as well as unsecured debt and give a fresh new start to their lives. While there’s nothing wrong with that, it doesn’t always have to be that way.

Mortgage rules have begun to change post January 2014. The new mortgage rules have been introduced in January 2014 by the Consumer Financial Protection Bureau (CFPB) to make home loans safer. Check out the 6 questions you need to ask about the new guidelines and how they affect your financial health.

Q1. Qualified mortgage – Why has it been introduced?

Tips of the week:

1. You should treat the problem and not the symptom. This stands true for debt consolidation as it does not actually treat the problem.
You have to find the root causes of the problem and take steps accordingly so that the problem does not arise again. This also holds true with debts. You have to find out the reasons behind your debts and change your financial behavior accordingly. Don't bank entirely on the solution in the form of debt consolidation. Change your attitude towards finance.

Selecting the right bank for taking out a mortgage loan is not an easy task. While choosing your bank, you have to take into consideration all your options and gather as much information as possible. Here we are talking about the problems in selecting either a big bank with global presence or a community-based local for taking out a mortgage loan. Both these two groups of lenders have certain advantages as well as disadvantages. Sometimes with the flexibility and services offered, small banks can be a better option than the giant banks.

Tips of the week:

The 'qualified mortgage' rules have already come into effect. The sub-prime mortgage crisis that the country faced in 2007-08, has been the main reason behind the formation of new mortgage rules. In order to eliminate the chance of future housing meltdowns, policy makers and the legislators have pro-actively designed the new 'qualified mortgage' rules. The aim is to keep a lid on the origination of high-risk and potentially deadly mortgage loans. In fact, shortly after the catastrophic debacle of the Lehman Brothers, many lenders have started to tighten the mortgage lending standards.

Tips of the week:

The Internet has made tremendous inroads in the home buying process. When a potential home buyer seeks to purchase a home, he or she may consider online search. Many popular and good real estate websites are now available. You can obtain mortgage quotes, compare mortgage prices and read about the mortgage loan process by browsing through these real estate websites. Despite the increased usage of Internet in the home buying process, real estate agents still play a crucial role in the home buying process.

MortgageFit is pleased to announce that it has recently introduced 2 new sections in the article pages - 'Related Community Discussions' and 'Related Questions & Answers'.

'Related Community Discussions' section features the 5 latest community discussions. The most recent discussion features at the top and the least latest discussion features at the last. If a new related discussion appears in the forum section, that discussion automatically comes at the top place of the 'Related Community Discussions' section and the last discussion disappears.

Tips of the week: